Table of Contents
- Relocation of the Ministry of Oceans and Fisheries to Busan: Significance and Future Outlook
- Analysis of the Location Conditions of IM Building and Hyopseong Tower in Dong-gu, Sujeong-dong
- Attention to Residential Areas Near Choryang-dong, Beomeeil-dong, and Sujeong-dong: Rising Expectations in the Apartment and Officetel Market
- Will Settlement Support Measures Help Reduce Housing Burdens for MOF Employees?
- Conclusion: Pay attention to the changes in Dong-gu, Sujeong-dong, and Choryang-dong due to the relocation of the Ministry of Oceans and Fisheries to Busan
- Frequently Asked Questions (FAQ)
Relocation of the Ministry of Oceans and Fisheries to Busan: Significance and Future Outlook
The Ministry of Oceans and Fisheries will be relocating to Busan. This is significant as it represents a shift in the center of South Korea's ocean and fisheries policy from Sejong to Busan. The details of this move have already been finalized, with the temporary office locations determined to be in the IM Building and Hyopseong Tower in Sujeong-dong, Dong-gu, Busan. A concrete roadmap has also been prepared to ensure smooth relocation by the end of the year.
The Ministry of Oceans and Fisheries selected buildings that meet the criteria of being accessible and capable of accommodating about 850 headquarters personnel. The IM Building (main building) is located just a 2-minute walk from Busanjin Station on Subway Line 1, while Hyopseong Tower (annex) is only a 1-minute walk away, making it very accessible. These buildings are planned to be used as temporary offices, and the time required for the construction of a new office building is expected to be about three years.
Candidates for the relocation site in Busan include Gangseo-gu and Nam-gu, but it is believed that Dong-gu or Jung-gu, which are close to Busan Station, are more likely. If a new main office for the Ministry of Oceans and Fisheries is established, the northern port area connected to Busan Station appears to be the optimal location.
Analysis of the Location Conditions of IM Building and Hyopseong Tower in Dong-gu, Sujeong-dong
The IM Building is a 19-story building completed in 1995, previously known as DGB Life Building. The total usable area is 12,208㎡, and all floors are planned to be used as the main building for the Ministry of Oceans and Fisheries.
Hyopseong Tower is a building completed in 2007, with six of its total 15 floors being utilized. The building's usable area is 3,275㎡. Both buildings are located in a hyper-central area near Busanjin Station and are only two subway stops away from Busan Station.
In particular, this area is well-equipped with various public transportation options such as subways and BRTs, making it very convenient to get around without a car. However, the lack of parking space can be pointed out as a disadvantage, which is likely to create a work environment that favors the use of public transportation.
Attention to Residential Areas Near Choryang-dong, Beomeeil-dong, and Sujeong-dong: Rising Expectations in the Apartment and Officetel Market
The decision for the Ministry of Oceans and Fisheries to relocate to Busan signifies more than just a public institution's relocation. With over 850 civil servants and their families moving, the housing demand in the Dong-gu area is expected to increase.
In particular, apartments and officetels in Choryang-dong, Sujeong-dong, and Beomeeil-dong can be accessed within a 10-minute walk, greatly stimulating both occupancy and rental demand. These changes are expected to have a positive impact on the regional economy as well.
Hyopseong Hoofore near Busanjin Station is located just a 1-minute walk from IM Building and Hyopseong Tower. Within a 600m radius, there is a concentration of newly built apartments such as Choryang Bando Brass Skyview, Jiwon The View Ocean Phase 2, and Busan Port Ildong Mirage The Ocean, all built within the last five years.
Additionally, within a 1km radius, there are famous brand apartments such as Doosan We’ve the Zenith Harbor City, e-Comfortable World Busan Port, Choryang Bestium Central Bay, and Beomeyang Leus Central Bay, indicating a very excellent residential environment. This locational advantage is expected to positively impact future investment value.
Between Choryang Station and Busanjin Station, as well as Busan Station, there are various types of studio and two-room officetels, as well as urban type housing. These residential options serve as suitable alternatives for short-term residents, newlyweds, or one- to two-person households. As a result, the real estate market in this area is expected to experience a surge in short-term demand and rising prices for deposits and sales.
Will Settlement Support Measures Help Reduce Housing Burdens for MOF Employees?
The Ministry of Oceans and Fisheries has announced plans to establish support measures to provide a stable housing environment for employees relocating to Busan. The move from Sejong to Busan entails not just a job relocation but a massive transformation of the living base; thus, various plans are being discussed.
These supports are expected to go beyond the realm of civil servant welfare and play a significant role in promoting stable population inflow into the Dong-gu area of Busan. In reality, such settlement support could positively influence the area's consumer market, educational needs, and transportation demands.
Conclusion: Pay attention to the changes in Dong-gu, Sujeong-dong, and Choryang-dong due to the relocation of the Ministry of Oceans and Fisheries to Busan
The decision for the Ministry of Oceans and Fisheries to relocate to Busan is a significant event that brings new possibilities to the real estate market in the Dong-gu area. An increase in demand for residential and living spaces centered around the IM Building and Hyopseong Tower is anticipated, which is expected to further enhance the infrastructure expansion and urban competitiveness of Dong-gu, along with areas like Choryang-dong, Sujeong-dong, and Beomeeil-dong.
If the MOF's relocation proceeds as planned, the construction of a new office building is expected to be realized by 2028. This would likely solidify Dong-gu's position as the center of marine and fisheries administration. As a result, it’s necessary to have interest in nearby apartments, officetels, and commercial properties. The development of the Dong-gu area seems likely to have a positive impact on real estate investments.
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Frequently Asked Questions (FAQ)
Q. What is the reason and significance of the Ministry of Oceans and Fisheries relocating to Busan?
The relocation of the Ministry of Oceans and Fisheries signifies the important shift of the center of marine and fisheries policy from Sejong to Busan.
The relocation of the Ministry of Oceans and Fisheries to Busan indicates that the center of marine and fisheries policy is moving from Sejong to Busan, which is more than just a simple administrative shift. Approximately 850 headquarters personnel will be moving to the temporary office in Sujeong-dong, Dong-gu, expecting economic revitalization and industrial activation in the region. This relocation marks an important turning point in the government's balanced development policy and enhances the status of Busan as a marine capital.
Q. Where is the temporary office of the Ministry of Oceans and Fisheries in Busan?
The temporary office is located in the IM Building and Hyopseong Tower in Sujeong-dong, Dong-gu, Busan.
The temporary office of the Ministry of Oceans and Fisheries is divided between two locations: IM Building and Hyopseong Tower. The IM Building, which serves as the main building, is within a 2-minute walk from Busanjin Station on Subway Line 1, consisting of 19 floors with a total area of 12,208㎡. Hyopseong Tower is located just a 1-minute walk from Busanjin Station and will use six floors of its 15 floors. Both offices are situated in a hyper-central area, ensuring excellent accessibility for both clients and staff.
Q. What impact will the relocation of the Ministry of Oceans and Fisheries have on the real estate market in Dong-gu?
The relocation of civil servants and increased housing demand is expected to activate the real estate market in Dong-gu, Choryang-dong, Sujeong-dong, and Beomeeil-dong.
With about 850 employees and their families moving to Dong-gu, the demand for apartments and officetels in Dong-gu, as well as in the nearby areas of Choryang-dong, Sujeong-dong, and Beomeeil-dong is expected to significantly increase. Housing options within a 10-minute walking distance are likely to experience heightened occupancy and rental demand, forecasting a rise in real estate prices. Moreover, this area is well-equipped with various newly built apartments, studios, and officetels, increasing the attractiveness of investments.
Q. How are housing support measures for employees of the Ministry of Oceans and Fisheries being planned?
Discussions and plans are underway regarding stable housing support measures for civil servants during relocation to Busan.
The Ministry of Oceans and Fisheries is planning various settlement support policies to alleviate the housing burden on employees due to the relocation. The changes in living conditions from Sejong to Busan are expected not only to be simple welfare measures but also to contribute to regional population inflow and economic activation. Through this support, civil servants will be able to secure a stable living environment, and positive ripple effects are anticipated for the entire community in Dong-gu.
Q. What are the plans for the construction of New Office of the Ministry of Oceans and Fisheries in Busan, and what are the outlooks?
The construction of the new office is expected to take about 3 years, with Dong-gu likely to become the center of marine and fisheries administration.
Following the current temporary operations at IM Building and Hyopseong Tower, the construction of the new office is envisioned to begin within about three years. The northern port area, which connects to Busan Station, is emerging as a candidate site, and once the construction of the new office is completed, Dong-gu is expected to solidify its position as a core hub for marine and fisheries administration. This is projected to bring about positive changes such as enhanced urban competitiveness and invigorated real estate markets.
